Are you considering getting medical insurance past the age of 50? For those who buy into the insurance game after 50, it can be difficult to find a good premium. Here are some tips on how to get the most affordable coverage.
One way to make sure that you get a good premium is to actively take care of health. If you are in good shape and have good habits, you may be able to get a better medical assessment and pay a lower rate.
Some brokers will offer a premium without requiring a medical exam. Whether this is a good option for you depends on your condition. If you are still relatively healthy, opt for the medical exam; the options without an exam will often be higher.
Don't be afraid to get quotes from many different insurers. Each company has their own methods for assessing risk, and so each carrier may come back with a significantly different rate. Be sure to compare not only the price, but also the benefits.
Another consideration to make is whether you would like temporary or permanent incurance coverage. A temporary policy is a cheaper, term life insurance that covers you for a specific amount of time. On the other hand, permanent policies are meant to cover you for an indefinite amount of time (the rest of your life).
Permanent policies can be more comprehensive, but also more expensive. Consider how big of a policy you actually need-- do you simply want to make sure your funeral expenses are paid, or do you want extensive medical coverage as well? This may make all the difference in which type of policy you choose.
As you may know by now, your insurance rates go up with each passing year. If you are fairly sure that you want life insurance, sign up as early as you can to get the best rates.
Getting a robust insurance plan can be a great way to alleviate the burden on your family as you age. Thankfully, there are several ways to get affordable rates, even for the over 50's.